Six of the world's biggest banks including JP Morgan (NYSE: JPM), Citigroup (NYSE: C), Barclays (NYSE: BCS) and the Royal Bank of Scotland will pay $5.8 billion; while five of the banks are pleading guilty for currency rigging probes, which means these banks conspired to manipulate the price of the U.S. Dollar and Euro. According to Bloomberg, UBS Group (NYSE: UBS) and another bank also agreed to plea guilty. All six banks were accused of colluding to manipulate and influence prices by both alining rate positions and pushing transactions through at the same time. Also, the Federal Reserve also pressed charges against five banks for unsafe practices and the banks many have to pay $1.3 billion. “By agreeing not to buy or sell at certain times, the traders protected each other’s trading positions by withholding supply of or demand for currency and suppressing competition in the FX market,” the Justice Department in a statement said. For more financial news, click here.